Thousands of buyers are circling Frankston South as limited listings tighten competition, with new data revealing just how fierce the fight for homes has become.
More than 6700 desperate house hunters are fighting over just 222 homes in a bayside hotspot where supply has officially vanished.
Ray White’s latest local market report shows 6,749 buyers tracked Frankston South in the past month.
The suburb has already proven it can play at the very top end of the market.
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A clifftop home at 23 Gulls Way reset local expectations last year when it sold for $17m, anchoring Frankston South firmly in prestige territory.
Ray White Frankston agent Brooke Wegener said buyer pressure was impossible to miss at inspections and auctions.
“We are typically seeing around 10 to 20 groups through a property, depending on the price point,” Ms Wegener said.
“Auctions are still competitive too, we are averaging about 2.6 bidders per auction.”
She said the suburb’s median days on market of 26 reflected buyer behaviour rather than weak demand.
Ray White Frankston agent Brooke Wegener says low listing volumes are keeping competition strong, with busy open homes and multiple bidders still the norm.
The clifftop home at 23 Gulls Way set a new benchmark for the suburb after selling for $17m last year, highlighting the area’s growing prestige appeal.
“For us, we do a lot of auctions, so that 26 to 30 day window aligns with a standard auction campaign,” Ms Wegener said.
“In the first couple of weeks, that is where you see the strongest inquiry and the most momentum.”
Zara Lend director Stephanie Jordan warned the surge in competition was increasing the risk of buyers overextending themselves.
“One of the most common mistakes is overcomitting on an owner-occupied mortgage,” Ms Jordan said.
“Buyers often feel confident because they have significantly paid down their existing loan, but when they upgrade, they are effectively starting again with a much larger mortgage.”
Zara Lend founder and mortgage broker Stephanie Jordan says many prestige buyers are equity-backed upsizers, but warns overcommitting at the next price bracket can limit future flexibility.
Swimming pools and high-end finishes are back on buyer wishlists in Frankston South, with lifestyle features increasingly tipping competition at the prestige end of the market.
She said the biggest deal killer remained buyers bidding without fully assessed finance, particularly under auction conditions.
“A genuine pre-approval means a credit assessor has reviewed income and assessed it against policy,” Ms Jordan said.
While Frankston South’s median house price sat at $1.167m in 2025, Ms Wegener said the prestige segment was operating well above that level.
“It does depend on the property, but prestige generally starts from about $1.8m and beyond,” Ms Wegener said.
“That’s where you see lifestyle offerings, larger landholdings and higher-end finishes.”
She said the dominant buyer group was families upsizing rather than first-home buyers, with demand also coming from returning expats.
When those buyers miss out, they are widening their search across the Peninsula corridor.
“Mount Eliza, Mornington and Mount Martha,” Ms Wegener said.
“Sometimes Langwarrin as well, particularly for lifestyle buyers.”
M R Advocacy director and buyers agent Madeleine Roberts says flexible prestige buyers are reassessing value and increasingly cross-shopping Frankston South against traditional Bayside suburbs.
Michael and Molly, who recently purchased a home in Frankston South, are among the growing number of buyers navigating fierce competition for limited listings in the suburb. Picture: Jason Edwards
M R Advocacy director and buyers advocate Madeleine Roberts said prestige buyers were reassessing where value now sat after several years of chasing growth elsewhere.
“Luxury buyers are the most flexible segment of the market,” Ms Roberts said.
“They will go where the value is.”
She said Frankston South and surrounding Peninsula suburbs were increasingly being cross-shopped against inner bayside locations.
“Buyers are comparing what $2m to $3m buys them here versus inner Bayside,” Ms Roberts said.
“For many, the space and lifestyle offering stacks up very strongly.”
The local fight for listings is playing out against a heated auction backdrop across Melbourne.
PropTrack data shows 628 homes are scheduled to go under the hammer across the city this week, underscoring how buyers priced out of “blue-chip areas” are colliding hardest in suburbs where listings remain scarce.
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